KARACHI: October 4,2022: Following a warning of Finance minister , Ishaq Dar, to the mafia involved in manipulation of the rupee,US dollar lost value in a big way in both -interbank and open market on Tuesday.
In interbank , US currency lost Rs 1.90 and in open market it lost Rs 3 to a rupee.
On Monday, US dollar had closed at Rs 227.25 in interbank and in open market at Rs 227.50 .
With loss of Rs 1.90 , US pegged at Rs 225.40 (interbank) and Rs 224.50 (open market) on Tuesday.
Nosedive of US currency is being seen as a positive development as it will bring stability in the currency market , besides bringing price of each thing down relatively in the domestic market . The appreciation of the rupee can also restore investors trust in market that would help them start their businesses. Artificial appreciation of US dollar has damaged Pakistan . It brought businessess and industrial activities to a gridding halt .
US currency was jacked up artificially by the manipulators, particularly, the banks to make unlawful money.
The State Bank of Pakistan (SBP) had extremely objectionable role through out the period when the banks were busy in artificial jacking- up of the rupee.
With exit of Miftah Ismail from Finance ministry and coming in of Ishaq Dar US dollar value is going down on daily basis .
The Finance minister has hinted at bringing US dollar value down to Rs 200
The Finance minister should also check the role of SBP along with the banks which distorted the money market to add artificial value of US dollar .
